This is just one of the findings revealed in their Venture Capital in the UK Q3 2023 report, published today.

The data shows that the amount of venture capital received by firms in Glasgow has grown by 211% since 2019, and with $109 million (£89m) being raised in the first three quarters of 2023.

Following Glasgow in third place is Birmingham, with a 195% positive change in VC investment over the last four years, and with $94m (£77m) raised this year.

Belfast is at the top of the ranking board however, with a 221% increase in VC funding over the same period. That said, it attained the comparatively lower amount of $80m (£65m) in 2023 so far.

Among those seeing a fall in VC investment since 2019 are two areas of the ‘golden triangle’ — South East England’s cluster comprising London, Cambridge, and Oxford.

Specifically, London’s amount of VC funding has dropped by 48%, while the figure for Cambridge is 53%. Oxford, meanwhile, saw a positive change of 103%.

As a whole, the UK remains the leading destination for VC investment in Europe, with the country bringing in $15 billion (£12b) this year and an expectation that $18b (£14b) will be raised by the end of the year. Although, there has been a 5% fall in the amount of VC investment raised since 2019.

The UK also retains its position as the third highest ranking country for VC funding, with the USA and China ranking in first and second place respectively.

However, the level of investment has fallen at varying degrees for eight of the top ten countries since 2019, apart from France and Sweden which saw increases of 27% and 50%.

In terms of the UK’s foremost segments for investment in 2023, biotech, mobility, energy storage, and clean energy were the leading sub industries.

Recommended reading

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• Scottish Scaleup Investment Slumped in 2023’s First Quarter
• VC Investment in Scottish Startups Down Around 80% in Q2 2023

In more Glasgow-focussed news, DIGIT reported last month that the area saw the highest business creation per capita out of all Scottish local authorities in the first half of 2023. During H1, 22 Glasgow-based businesses were created a day.

Regarding investment, Glasgow City Council unveiled its new ethical investment strategy at the end of September, in a bid to help shape the city’s financial landscape until 2030.

The sectors at the forefront of the new initiative include life sciences, precision medicine, the digital and creative economy, the green economy, and satellite and space technology.